Alicat workboats in management buy-out

A management buy-out has seen Alicat Workboats acquired from its parent company the Gardline Group for an undisclosed sum.

Steve Thacker, managing director and Simon Coote, general manager at Alicat Workboats will take over the business as new owners and it will continue to operate from its current site at Richard Dry Dock in Gt Yarmouth.

“As Simon and I enter a new chapter as business owners we feel confident and excited. We are very thankful for the combined expertise of the Birketts and Lovewell Blake teams who have worked tirelessly to secure the completion of this transaction,” said Steve Thacker, managing director at Alicat Workboats.

New opportunities

“We are also grateful to Gardline for affording us this opportunity and we look forward to retaining a good working relationship with them," added Mr Thacker.

The deal was negotiated with the help of law firm Birketts LLP and Lovewell Blake's Corporate Finance team.

Alicat, based in Great Yarmouth, was established in May 2009 as a subsidiary to established shipbuilder and engineer Richards Dry Dock and Engineering Ltd.